According to the Central Bank’s latest means of payment report, transactions and amounts of the main low-value payment methods grew 15%, from 5,649 million transactions in 2023, to reach 6,487 million transactions in 2024. This sustained increase, which is now in its third year of growth of over 10%, presents great opportunities, but also key challenges for the future of the sector.
At Evertec we address this higher transaction load per year through internal innovation processes that respond with practical solutions that facilitate the integration of new, more efficient, faster and safer payment methods, which improve the management of companies and at the same time represent an advance for the end customer's experience. In both cases, the focus today and in the future will be on efficiency, traceability, reconciliation and ensuring the security of each digital payment”
The expansion of payment methods is transforming the way users conduct their banking transactions and movements. The emergence of technologies such as digital wallets (Apple Pay and Google Pay), electronic transfers and contactless payments symbolizes a fundamental advance in terms of convenience, efficiency and effectiveness. However, the implementation of these technologies poses significant challenges such as ensuring interoperability between systems, the so-called multi-acquiring, i.e. that several acquirers coexist, and that each of them offers the possibility of accepting all means of electronic payment to merchants.
Regulatory barriers will also have to be overcome, especially in the case of cross-border payments. “There is still a gap to be bridged in international transfers, especially in terms of speed and cost,” insisted Manero.
He also emphasized that “technological transformation is a constant in the fintech sector. We must continue to develop and scale solutions for our Retail, Banking, Supermarkets and Services clients, to turn the challenges of the means of payment into opportunities for internal improvement and for their end customers. For years, we have been committed to the continued adoption of emerging technologies and analyzing their potential to drive faster, safer and more accessible transactions, redefining the future of digital payments.
However, as digital transactions increase, so do cyber threats. Fraud and theft through digital transactions and payments have been on the rise. According to a projection by Deloitte, it is estimated that by 2027, U.S. banks will reach approximately US$40 billion in losses due to fraud powered by generative AI. Protecting the integrity of customers requires strong cybersecurity strategies.
On the other hand, the incorporation of digital currencies such as cryptocurrencies or Central Bank Digital Currencies (CBDCs), highlights the need to modernize and adapt technological infrastructures and ensure compatibility with other payment methods.
It is key that innovation and security advance at the same pace, in an increasingly complex digital world. We must focus on protecting our customers from threats but also work on modernizing technological infrastructures to securely integrate different payment methods”
References:
- INFORME DE SISTEMAS DE PAGO AGOSTO 2024 Banco Central de Chile (página, 8).
- INFORME DE SISTEMAS DE PAGO AGOSTO 2024 Banco Central de Chile (página, 5).
- IA, fraude y crédito: Comprende el panorama actual y vence el robo de identidad
